More Help For Failed Pension schemes

21 03 2007

A nice ray of light in today’s budget! Gordon Brown announced increased support for the FAS ( Financial Assistance Scheme) – which provides support to members of pension schemes where the employer went insolvent.

Collapsed occupational schemes have been a bit of an own goal (for the government), so it is nice to see at least some common sense emerge. Thanks to labor and capital blog and to Tigamoo.

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New compensation limits from 1 Feb

21 03 2007

The Government has carried out its annual review of the tribunal compensation limits. The upper limit for the compensatory award for unfair dismissal will rise from £58,400 to £60,600.

The cap on a week’s pay for the purpose of calculating redundancy payments and for calculation of the basic award in unfair dismissal cases goes up to £310.